Removals include the failed TierOne Bank ($2.8 billion Ticker: TONE) and Arcola Homestead Savings Bank ($17 million). Other removals are from the OCC terminating Formal Agreements against Valley National Bank, Espanola, NM ($337 million) and Standing Stone National Bank, Lancaster, OH ($74 million). However, it is likely these removals will be short-lived as the OCC has frequently replaced a terminated Formal Agreement with a Consent Order during this banking crisis.

We are anticipating the OCC will release its enforcement actions for May by next Friday

CR note: The FDIC reported there were 775 institutions with assets of $431 billion on the official problem bank list at the end of Q1. There are some timing issues, but the overall number of institutions on the unofficial list is very close to the official list. The addition of Firstbank of Puerto Rico has closed the asset gap, but there is the possibility that a large regional bank may be on the official problem bank list.